Tips for Saving Money on Your New Home Construction

August 24th, 2021 | by Tim Rawlings

Building a home is a wise investment, and it also offers a unique opportunity to make choices about ensuring that it matches your needs and wants in size, layout, and style. Of course, building a home isn’t cheap. A great first step in the home building process is to understand how to go about building a home to get the most bang for your buck. Here are a few tips to help:

Pick the Right Floor Plan

The builder you choose to work with can truly make or break your home building experience, and it can affect the years you spend in your home that follow. One of the primary factors that should guide your choice of builder should be the floor plans they offer. If a builder doesn’t have floor plans that suit your needs in terms of size, layout, or other big factors, the choice is simple: find a builder who does.

Keep in mind that in addition to layout options, builders offer different prices per square foot, features, and overall customer service that should affect your decision.

Don’t Pay for What You Don’t Need

When it comes to cutting back to save money, it’s important that you think about your family, your lifestyle, and your future. The main areas that you should compare between builders to reduce expenses include:

  • Square Footage: Bigger isn’t always better! While you might consider the average home size in the area to help you boost resale value, don’t pay for space you don’t need. A formal dining space may sound nice, but maybe you’ll get more use out of a study or guest bedroom.
  • Extra Features: Will you use that big soaking tub in the master suite? Is a double vanity really necessary in the guest bathroom? Think about these decisions and ensure all the features a potential builder provides will actually suit your lifestyle.
  • Trendy Upgrades: When it comes to cost-efficiency, look for a builder that offers more timeless and classic finishes instead of modern and trendy.

Spend More Now to Save Later

Just as you should cut back on some areas, it’s important to invest where it counts. Different builders will build homes that range in quality. Although it can be hard to knowingly choose a more expensive option, if the quality is higher it might be worth it in the long run. Here are some common details where putting the extra money in almost always pays off.

  • Quality Interiors: Not only will the quality of flooring and other finishes impact your enjoyment of your home, but it will also factor into durability and resell value down the road.
  • Storage Space: While a lack of storage can be motivation to declutter, most of us have a need for a spare room, whether it’s an extra-large closet for the master suite or an oversized garage.
  • Functional Add-Ons: Although you shouldn’t spend extra money for square footage you don’t need, you should consider the functional spaces you do need, like a finished workshop, home office, or music room.

Get Quotes from Multiple Lenders

Lastly, the best way to save money on your new home construction is to start on your financing early and pick a lender that’s right for you. The Builder will have a preferred lender. Working with the preferred lender saves time and money because the lender is familiar with the builder’s processes, which will allow the project to move along smoothly.

For top-quality, reasonably priced new home constructions contact Build On Your Land. Our goal is to get you into a home that you love without breaking the bank. We look forward to hearing from you!